The Securities and Exchange Commission (SEC) has announced the launch of an investigation into FF Tiffany, a company accused of running a fraudulent investment scheme that has defrauded Nigerians of several billions of naira.
In a statement issued on Tuesday in Abuja, the SEC said preliminary findings revealed that the scheme offered investors extremely high and unrealistic returns, a common hallmark of Ponzi operations.
Describing the activity as a serious threat to investor trust and the integrity of Nigeria’s financial system, the commission said it was taking the matter seriously and working closely with law enforcement and other regulatory bodies to ensure that all individuals and entities involved are identified and prosecuted.
The SEC also urged the public to remain vigilant and avoid investment opportunities that appear too good to be true, while reaffirming its commitment to protecting investors from fraudulent practices in the capital market.
SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promised guaranteed or exaggerated returns.
”These schemes are not registered with the SEC and do not offer investor protection under the law.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said.
The commission encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the commission directly through official channels.
SEC said it remained committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market.
